Law Offices of Michael A. Perez

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Bankrupcy

CHAPTER 7

This is a personal bankruptcy petition. This type of case is for a married couple or single person. The petition will discharge all types of debt including credit cards, loans, mortgages, car notes and all collection matters. Some of these debts can be removed from the bankruptcy allowing you to keep your car or house if the circumstances are right. A debtor under this chapter usually cannot meet his or her monthly living expenses and pay their credit bills. The court looks to see if you have any equity in any property or income sufficient to make your monthly payments. I charge $1500 plus court costs for the filing of a chapter 7 for an individual and an additional $250 for a married couple filing. If there are more than 20 individual creditors I charge and additional $100. My retainer is $1350 with the balance due in 30 days. I do offer discounts for payment in full.

CHAPTER 13

This type of bankruptcy is for those that have an asset of value that could be taken in the bankruptcy administration. Most often it?s a house with significant equity. There are other properties of value that could require that you file a chapter 13. The property could be a car or other property with value. In this type of case the debtor usually has fallen behind on he house due to a job loss or illness. A return to work would allow the debtor to pay his regular monthly payments but not all the past due bills at once. The bankruptcy court will allow you to pay the past due over a period of time to catch up. This period of time can be as long as 60 months.